DNZ Annual Meeting Thursday 8 July 2010 Results

DNZ Annual Meeting Thursday 8 July 2010 Results

DNZ Annual Meeting Thursday 8 July 2010 Results 8/07/2010

The Board of DNZ is pleased to advise that both resolutions, as set out in the Notice of Meeting dated 21 June 2010, were approved by shareholders at the Annual Meeting held on 8th July 2010.

 
Of the 198,483,508 DNZ Property Fund Limited shares on issue 40% of total votes were received for both resolutions.

Resolution 1

To be passed as an ordinary resolution of all Shareholders

‘’That the Directors be authorised to fix the fees and expenses of the auditor of the Company’’.

For: 98% Against: 2% Abstain: 0%

Resolution Passed

Resolution 2

To be passed as an ordinary resolution of all Shareholders

‘’That the Company be authorised to undertake the Offer, as more particularly described in the Explanatory Notes to the Notice of Meeting, including the pro-rata share issue, under which Shareholders in the Company will be offered the right to subscribe for shares in the Company having an aggregate value of up to $35 million, and any additional shares offered at the discretion of the Board of up to $10 million’’.

For: 98% Against: 2% Abstain: 0%

Resolution Passed

Following this endorsement to undertake a capital raise an Investment Statement and Prospectus will be sent out to shareholders shortly.
 


 
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: [email protected]

DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in Whangarei, Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Napier, Wellington, Nelson, Christchurch and Dunedin.

As at 31 March 2010 DNZ Property Fund owned 58 properties with 272 tenants, a weighted average lease term (WALT) of 4.7 years, an occupancy rate of 95.6% over a net lettable area of 397,696m², annualised Income of $56m with a portfolio value of $700.1m.
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team.

DNZ Registers Investment Statement & Prospectus
DNZ Internalises Manager